Silver - Review from 05.11.2024

Financial and commodity markets analytics


As we wrote earlier, gold quotes are testing the local support zone. From a technical standpoint, the silver market appears more robust. If gold has the potential to decline to more significant support levels, silver has already reached a range that traders find interesting. This does not mean that the increase in prices will necessarily continue from current levels, however, as long as the price remains within the broad zone of $30.40-32.40, it is conducive to looking for buying deals. Nevertheless, risks related to elections in the United States and the impending decision of the US Federal Reserve on the key rate should be taken into account.